the Trustees, Report and Financial Statements for the year ended 31 March 2024 Registered Charily Number 223660 Company Reglstration Number CK1295910 Contents Page Company Information Trustees'/Dlrectors' Report Statement of Trustee5'/Directors' Responsibilityes li Independent AuLltorfs Rep)rt Consolldated Statement of Financial ActNitie5 16 Group and Company Balance Sheets 17 Consolldated Statement of Cash Flows 18 Notes to the Flnanclal Statements 19 Company InfornN*ion Dlrectors Anity Street CBE Atlf Ali BEM Coundllorjayne Frands Natasha Harris John Hornby Ellzabeth James Ayub Khan MBE FRSA Adrian Lester CBE ctorfa Marsom Tracey Orr Rachel Roussel-Tyson Mark Smith Andrew Chiduku Michael Hibbs ,David Meecham Slr Howard Panter Brandon Relph Professor Davld Roberts Chair lappolnted l November 20241 lapw*inted 9 December 20241 {resigned 17 August 2023. appointed 17 June 2024} {appointed 9 Decemier 2024) (appointed 9 December 20241 Iresigned 28 November 2024} (resigned l December 20231 (resigned 27 September 2023) (resigned l December 20231 Ireslgned l December 20231 Iresigned l December 20231 Ireslgned l December 20231 Jan Teo Chlef Executlvè Rachael Thomas Artlstic Dlrector Sean Foley 24 May20241 Audltor RSM UKAUDIT LLP 103 Colmorè Row Birmlngham B3 3AG Bankers National Westminsler Bank PIC round Flts)r. Grnnd Centrdl Bimiin8ham B2 4BF Reglstered office Broad Street Blmiingham Bl 2EP Company Reglstration Number Rewstered Charity Number LK1295910 IRe8iStered In England arKI Wales) 223660 (Registered In England and Wale51 The Blmiln8ham RepertoryTheatre ￿Mited Tru5tee5'lDirectors' Annual Report2024 The Blrmlngham Repertory Theatre Limlted Trusteeg/Directors' Report The dlrertors are pleased to present their report togetherwrih the finanaal statements of the charty and group forthe year ended 31 March 2024. The flnanclal statements complywith curreirt ststutory requlrements. the Memorandum and Articles of Assoclation ond the Statement of Recommended practi￿ applicable to charltles preparlnB their account5 in accordance wlth the Flnanclal Reportlng Standard applicable in ihe UK and Republlc of Ireland IFRS1021- ICharttle5 50RP IFRS1021)- ce & M•na The Birmingham Repertory Theatre Llmlted Is a company limited by shares and is aLso a reglstered charity. The tharwty is governed by its Const￿ut10n as laid down in its memorandum and articles. These were drawn up in 1935 and amended by special resolutlons In April 1955. November 1975, July 1988, October 1999, Ortober 2007, November 2010 and October 2021. The directors of the charitable company l%he chariVI are its trustees forthe purposes of charity law. Key crheria for the selection of trustees are lal to provlde a range of skills and attributes appropriate to ihe managemeni of the company and Ibl to represent the communitie5 that the charity seryes. As set out In the Articles of AssOci￿10Th there shall be betsveen two and 20 directo￿. New dirertors may be appointed by the diredors at any time. The Chalr is elected by the directors. Appolnted directors Serve for a maximum period of two consetutNe three-year tern15 commenclng from the first Annual General Meeting at which their appointment Is confirmed. DireLtor5 nomlnated by Birmingham Cty Council are able to serve an additk)nal three-yearterm. The governing body of thè Company Is the Board of Directors which meets at least flve times peryear. The Board may also delegate authorlty to committee5 responsible for certain strategic aspects of management. The reports and recommendations of the committees are submitted to the Board for conslderatkjn and ultimate declslons upon actlon required. In additlon, the tnistee5 directty appoint the Arti4tlc Director and the Chlef Exeojtive to manage the charity on a day-to-day basis and to implement the policies and strategles agreed by them at Board meetings. The business plan is reviewed and updated annually by the trustees and implementatlon of the plan Is delegated to the executNe team. Trustees also have responsibiltty for a range of policie5 adopted by the charity such a5 health and'safety, equal opportunities and high-level flnancial procedures. Trustees review accountlnB inforniation on a regular basis, and approve all high-level bud8ets afid plans. . All new trustees are inducted into the WO￿ of the charty through an initial Meeting with the Chalr, Artistic Direttor and Chief Executive, and the provision of documents such as accounts, business plan, previous board papers and flnanclal infomiation, In addition, training events are held for the tru5tee5 coverlng the responslbllltles of dlrectors and trustee5. and the work of the charity. The charlty ha5 two trading subsidiaries - Birmingham Rep Enterprtses Llmited IBRELI and Unlque Venues Blm)Ingham Limited IUVBI. The charity owns all shares issued by both companies and any surpluse5 are 8ift-aided to the charity annualty. The BlrminBham RepertoryTheatre Llmited Trustees'/Dlrectors' Annual Report 2024 None of the dlrector5 held any beneficial Interest in the shares of the company at any tlme during the year. Directors, interests In transactlons with related partie5 are detailed In note 22. The company has paid É8.143 (2023.. £7.2711 for indemnlty insurance for its dlrectors and officers. £i,CMJO,OLXI12023: £1.ocK),(XKII of cover Is provided. Publlc Benefft The directors have Complled with the duty In sertK*n 4 of the Charit￿.Act 21XJ6. to have due regard to the public benefft guldance publlshed by the Chartty Commlssk)n. The dlrector5 belleve that the charlty. In promotlng its alms and oblectives. glves direct benefrt to all patron5 Wlth whom it comes Into contacL These may be- Audlence members coming to see perfomiances in Bimiingham, which may promote understandlng of cornplex soclological Issues, Visual￿ demonstrate emotlve 51tuations or ' sirnply generate an appreclation of dramatic art through entertainment. .Audlence members seeingshows produced bythe charity and tourlngthroughout the UK and beyond. Communlty mernbets takjng part in a range of prdctlcal w0￿shops, dlscu55ion groups and artistic Opportuni￿eS offered throughout the iaty. Young people taking an active part in the charrirfs extensive network of youth theatre5. Students engaged in specialist training In drama. English andlor pId￿rItIng in a range of collegesluniversities wtth whith the charty has relationshlps. School pupils and prtrschool Infants taking part in a wide range of leaming & participation actNlty produced by the char%ty. The theatre operate5 a pddng Strutture whhch is deslgned to maximlse the acressiblllty of its actlvities and Include5 concessions for young people. families, the unemployed, the dlsabled. school partles, students and senlor citizens. Ob'ertlves and Aclivities The objectlves of the charity are: To educate the public by promotln& f05terin8 and encouraging the knowledge, under5tandin81 appreciatk)n and a high standard of the arts and in particular dramatic art in the City of Birmingham and in such other places in the United Kingdom of Great Brltain and Northern IreEand and throughout the world as ihe company shall from time to tlme deem to be advantageous to the intellectual weal of the publiG The Birniln8ham RepertoryTheatre Umited Trustees'/Directors' Annual Report 2024 To educate andtrain students in drama, muslc. palnting and other5imllararts, and to promote the recognltlon and encouragement of eX￿ptIOnal merlt in students by the institution and pre5enlation of 5cholarshSps. eyhlbltlons, 8fdnts, medals or other prizes or benefactlons. The theatre's vislon In Its current stratryc plan Is to become: ' A WOrld-d￿ theotre In 81rminghcmlor everyo Reseryes Poll The Board helieve5 that general fund reserves should be maintained in the range of £900k to £l.Im. The General Fund reserve as at 31 March 2024 Is £1.085k 12023: £1,117kl. Should General Fund reseryes be elther belolv or above the target ranse ot the end of a financial year an aLtlon plan to bring the re5eThe to wlthln the target rduge will be implemented. The DesÈnated Fund balance of £1,077k12023: £1,127kl represents the net bookvalue of unrestrlct8d fixed assets and a rlsk reseNe. Strate ICR 2023-24 wa5 an opportunty to consolldate The Rep'5 Strategic (brertion following the pandemlc and build on recent artistic and organisational successes. It wa5 also the first year of a new three-year term of Arts Counul England NPO (National Portfollo Organi5ationl fundin The theme5 of our bu5ine55 Strategy We￿ ambition. growth and sustainabilty. The strategic priorty was to capitalise on the investmert made in thE physical and human infrastructure of the theatre durfng 2021-23 and continue the trajectory of growth and renewal that had begun as the theatre emerged from the pandemlo We increased the Size and number of Rep productlons made In the year. we expanded our creative leaming and talent development programmes. and we embedded 5UStainabillty across the organisatknn through our EDI and environmental work and a more 5UStainable approach to Use of our re50urces. We recruited more staff, replacing roles lost durin8 the pandemlc and adding new roles as part of our mi£slon to ful professionallse the the3t￿'S operations and priorrtise the wellbelng of our workforce. Building on the artistic successes of 2021-23, whlch Saw the launch of sign&fKant shows such as WHAT'S NEW PUSSYCAV and sprrnNG IMAGE UVE, The Rep delNered an artistic progromme of 'unparalleled scale and ambltlon, combining in house and touring productions. The first production of John Steinbeck's classic OF MICE & MEN with a leamlng disabled attor cast In the role of Lenny, the world premiere of SINATRA THE MUSICAL directed by Olivier and Tony Award wlnning Kathleen Marshall, and the UK premiere of BHANGRA NATION, sat alongslde Rep re-mounts of commerclal productions made elsewhere- NOISES OFF and THE LION, THE WITCH AND THE WARDROBE. In the Stud50 and Door, PARKLIFE- a festival of new comedy wrtting created in partnership with Sky Studi05, 1, DANIEL BLAKE. produced In partnership with other funded theatres, and our early yeats, Christmas show LirrLE RED RIDING HOOD part-fvnded by the Sir Barry Jackson Trust, brought Tre Blrmingham RepertoryTheatre Llmlted Tru5tees'lDirectors' Annual Report 2024 ddrtional artistrc textUTe and Cul￿Tal diverslty to the pmgrdmme. We remounted GRIMEBOY as a concert performance outdoor5 as part of the Commonwealth 6ames legacy festlval in 5ummer'23. Across all spaces a vibrnnt mix of tourlng Work played alon85ide Rep productions, hi8hlwdhts Includlng Landmark Productlons, HAPPY DAYS starring Siobhan. M￿weeney, THE BEEKEEPER OF ALEPPO, BALLET BLACK. GARY CLARKE COMPANY. TALES TIL RAMADAN. BROWN BOYS SWIM and WINDRU5H 75. As a result, the theatre received three Stage Award nomlnation5: Wiliam Young for his rose as Lenny In OF MI￿ & MEN, 51obhan Mcsweeneyfor her role as Winnie in HAPPY DAYS. and our co-productlDn of l. DANIEL BL4KE was the winner of the EXcel￿nCe In Touring Award. We also recetved tsvo UK Theatre Iward nominatlons: Matt Doyk for hls role as Frank.Sinatra In SINATRA THE MUSIC4L and .Mlchael Taylor for hls BHANGRA NATION set desi8n. BHANGRA NAMOM also won the Eastern Eye Award for Best Productlon. Audlences floc￿ed to the theatre and in 2023-24. The Rep saw its hlghest audience numbers and average occupancyfor mallyyear* Averageticket Pri￿ Increased but mindful of the needto malntain access alongslde we introduced our Teens Go Free initiatrve to encourdge attendance by the next generatitin of theatre goers. A signlflcant number of audience5 saw The Rep'5 work Dn tour or In the West End: OF MICE & MEN completed a short national tour, SPr￿1NG IMAGE LIVE played a 15-week wn in London's Phoenlx Theatre, and THE WAY OLD FRIENDS 00 tO￿￿d nationally and then played a short run in London'5 Crlterion Theatre. THE SNOWMAN played tts27th Chrtstmas run at London's PeacockTheatre. Closer to home, LirfLE RED RIDING HOOD toured West Midlands, 14brarle5 an4 community venues in a partnership with The Llbrary of Birmingham, playing 43 perfom)ances wlth 23 workshops delfvered alon85ide, fvnded by the SirBarry Jackwn Trust and Arts Council En8knd. Ourtslent development programme continued to gofrom strength tostrength. Our inaugural Wictoria Wood Comedy Writing Prlze was launched and 584 new comedy plays received in submlsslon. Eugene O'Hare'5 play PORTUGAL wa5 declared the winner in May '24. The Rep'5 long running talent development scheme FOUNDRY welcomed a cohort of six art￿ts onto a nine-month programme to train them to c￿create work in community settings. And a programme of tslent development masterclasses and workshops was launthed provlding open acce5S OPPOrtunitie5 for art15ts in the region to develop thelr creatNe craft. We abo hosted a Peggy Rarnsay Award wrlter In residence In the year, welcoming back Rachael Mainwarfw a Foundry alumni from 2019. Our creatNe learning programme encompassed work with schools. young peop￿ and communtties and continued to expand. helped by the creation of our on-site learning hub. The Rep's first ever dedicated space for work with chlldren* young people and communities was opened by Baroness Floella Benjamin, Patron of our Youth and Community worl in July. We launched our Youth Board in the year wf(h 15 membets drawn from acr055 the dty. . We worked wlth 15 partner schooL8 in the year, del￿ered nearly 8￿) le5$0n equivalents, ran six'after- school clubs and one half-term Foster Fami￿ project. The majority of session5 took place in schools with high percentages of Pupil Premium fvndin& government fundin8 that specrfically targets disadvantaged puplls. Qur newly launched Earty Years pro8fdmme grew thanks to a partnershipwith Blrmingham Early yea￿ NetWOTk The B(rmln8ham RepertoryTheatre Ltmlted Trustees'/Diredor5' Annual Report 2024 For young people outslde of sthool we ran weekly Youth Theatre and annual summer 5ch0o15. 58% ' of participant5 were from the. Global Malortty and 2(PA of places were bursary funded. We also launched Rep Backstage for youn8 people interested In off-sts8e tsreers. Our Inaugural summer festtval for chiklren. young people and tommunity partlclpants. ORDER & CHAOS, took pl￿ In July over three weeks. YourE people from all backgrounds filled our stages In produrtions ranglng from NOUGHTS & CROSSES and LORD OF THE FLIES to ONE MILLION TINY PLAYS ABOUT BRITAIN and Dawn KIn￿S searing play about the ciimate emergencyi THE TRIALS. We achleved Theatre of Sanctuary status in the year, the first Birmingham theatre to d9 50 and reflection of our on80ing commitment to offerlng a pla￿ of safety for sanctuary seekers. Through all our creative learnlng and communty work we reach a huge diversty of young people includlng many from underprivileged backgrounds. We advanced our environmental sustainabillty journey durfng the year, deliverlng one Green Book Intermediote productlon and ra￿ing £20,OLNJ from the Theatre's Trusys Wolfson Foundation Theatre Improvement Scheme to install destratification fans in the theatre's main auditorium. We delivered CLIMATE ACnON WEEK in June, comprising a serles of films, talks and events about the cllmate emergency• w￿h The Rep dedarin8 dimate emergency as Part of the Culture Declares movement in the pro￿5$. After concerted efforts to improve workforce represerrtat￿n through p05ittve action and Incluslve recruitment we saw our Gk)bal Majority Workfor￿ increase to 32% at the end of 2023124. Coupled with our re£oEnition in the 2023 Soclal Moblllty Empbyer Index a5 a Top 75 Employer we are proud of the progress we've made in recent years whilst acknow￿gi￿8 that there is still work to do in achieving represenlalion at all levels and creating a truly inclusive workplace. Following higher than usual turnover at board level, a review of our governance arrangements was carried out and a series of recommendations to strengthen The Rep's systems and controls in this area began to be implemented after year end. We txpect these to benefrt The Rep great￿ going forward. The budgets for 2023-24 were predicated on the theatre drawing on rts reserves, a reflectlon of the challenging operating environment itfaced oused bythe Increase in ener8y and otheroverhead costs, and the impaet of these on consumer spending and therefore ticket salès. Deploylng most of the remaining risk reserve built up during Covid, thetheatre has been able to malntaln Its general reserve at £1.085m. In May 2024 Sean Foley reslgned from hts role as Arttstit Dirertorof The Rep. The board of directors thank him for hls work on behalf of The Rep durSng a period of transition and great change and recognlse hls many achievements and contrilmrtion to the arttstic reputation of the theatre. As the trading environment contlnues to be dtffiojlt through 2024125 and the theatre faces the loss of fts Blrmingham City Council grant1£157,8501, there are doubtless challenges ahead. However, as The Rep undergoes a trdnsition to new board and artistlc leadership, and with new posts at senbr level dedicated to securing additional sources of income. the￿ are also Op￿rtUnItieS to build on the many successes of the recent past. Ourambition 5S to ensurethatThe Rep not only continues to thrive but ts able to scale new heights of artlstlc ambition and ever greater social and civic Impact. The Blmlngham Repertory Theatre ilmlted Trustees'lDirectorg Annual Report 2024 Goln ncern The trustees are of the viewthat the immedrate future of the theatre for the period lo 31 March 2026 Is secure, and that on thls basis the charty is a going con￿M. The directors have adopted a going Con￿rn basis in preparfn8 these accounts after assessing the principdl risks the charity faces. A severe but plausible downside 5cenarlo has been modelled. That plausible downside modelling indlcates that the charity should havè sufficlent ￿oUrceS to ensure It ,Is a golng concern through to 31 March 2026. Achlevements and rformance Venue No. of No. of Shows Perfs Total attendance %age ()f Total Tlcket Sales Seat capacity The House 20 266 144.812 67% £3,603,478 The StudlolThe Door 52 170 22.459 .71% £251,886 Total 72 436 1672n £3,855,364 Gross Inwme from tIL*et sale5 on tours is attourrted for by the hos1 venues. Plars for Future Perlods Plans for future period5 are shaped by existing commitments under the ternis of our Arts Councll England NPO fundin& whlch covers the period 2023-26. with an extenslon year covering 2026-27 urrently the subject of an application to Arts Council. Our original application sets out the acti¥itle5 planned for the period up to March .26 and a5 part of the application for.the extension year we will be confirming that plans for 2026-27 are broadly In line with those. Following Sean Folevs departure as Artlstic Direclor in May '24 the theatre is entering a transition period pending the arrival of Joe Murphy, The Rep's new Artistic Dirertor. who will take up post in spring 2025. After developing a" programme model in 2024-25 that deliversthe financial outcomes needed byThe Rep. the incumbènt team has delivered arti5tlc programme plans forthe Interregnum that deliver our NPO commltments. Work with the new Arti5tlc Direttor on planning a new erd artlstlcally for The Rep will begln on hls arrival In Birmlngham. Flnanclal Review Total incornlng unrestricted funds of the.group were £15,115k12023- £13.835k) for the yèar with expendr(ure of £15,147k12023'. £13.995kl of costs related to unrestrirted fundstr givlng rise to a ￿eT￿lt of £132lk12023: £1160lkl before gains on investments. There wa5 a deficlt on restrlcted fvnd5 of £1273lk12023: £I29)k). As shown In the statement of financial activlties on page 16. as at 31 March 2024 thls gives a net acojmulated general fund balance of £1,085k12023: £1,117kl designated fund5 of £1.077k12023: £1.127kl and restricted fund balances of £2,618k1£2.891kl. The Bimilngham RepertoryTheatrè Umited Trustees'/DirÈctors' Annual Report 2024 The prlncipal funding sources of the charlty INthe yearv￿re. Arts Councll England - primary fvnder, core revenue grant of £L868k IB% of unrestrlcted income12023: 13%)) Birniin8ham Clty Councll- primary funder. core revenue grant of £158k Il% of unrestricted Income12023- 1%11 Income from Blm)ingham pmductions, indud1r￿ aFproductlon contributions £8,102k154% of unre5trlcted income {2023: 46%11 Commerclal Income from trading 5ubsldlarles - £2.￿7k(l9% of uhrestricted Income12023.' 27%}1 Ineome from other5our￿s. Includln8TheatreTax Relief -£1736kl12% of unrestrfcted income {2023- 13%11 Pa The dlrectors conslder that the Senior Leadershlp Team comprfse the key management personnel of the charity In charge of directing an'd Controlli￿ running and operating the group on a day-to-day bisis. The Senlor Leadershlp Team comprises ten roles as sel out in note 8 to the accounts. .All dlrector5 ￿ve of their time freely and no director received remuneration in the year. Details of direttors, expenses and related party transaCt￿n$ are disc￿sed in notes 7 and 22 to the accounts. Periodlc benchmarking exercises are caTried out to ensure that staff sèlèry rdtes are conslstent wlth market rates for the secior. In addition. an annual pay revtew is implemented in April of each year. Volunteers The charlty is very Involved in the community and relies on voluntary help to support rts artivlties. During 2023124 the Rerfs volunteer group was 21 stron8. Rlsk Mana ement and Anal Is The direttors and exec￿1veS of the compary have carried out a rlsk anatysi5 identifylng and quantifying the level of exjiosure to rbks to which the company is subject. As part of this process a system wa5 established ft)r regvlady reviewing and updating the risk analysls. Management policies and strategies have been Implemented to mitigate those rfsks IdentI￿d in the analysls and any potential impact on the company should any of the Identif￿1 risks materlallse. The Board reviewed the risk register during the course of the year, identrfled those risks of greatest concern and agreed appropriate artions to minimise the Ilkellhood of them damaging the business, throu8h a rlsk management strdtwwhlch comprised: re8ular review of the principal rtsks and Un￿rtaIntieS that the charrty and its 5ubsidiarle5, Blrmlngham REP Enterprises Limited and Unlque Venues Birrningham Limited, face, the estsblishment of policie51 Systems and controls to mitlgate those risks Identlfied In the annual rèvlew. The Blrmlnghèm Repertory Theatre LTrmited Trustee5'lDirectors' Annual Report 2024 the implementstlon of controls deslgned to rninimi8e or manage any Potential impact on thè tharlty should those risks materialise. The mosl si8nificant risks currently facingthe tharfty relate tothe heiglrtened level of operatlng costs. In partkular energy* and the transformation of the chartWs buslne5s model. The charity has clear actlon5 in place to address th'ese ènd other key risks, Including the contlnued re-posltloning of the artistlc pollcy. Investment Pol The charlty is commltted to ensurlng that the funds It has are used to their maximum ability to generate Income and/or capktal growth. The chariJY IS also commrtted to ensuring that the risks assoclated with holding.funds in institutions are mitigated, including spreading the risk. In order to meet this pollcy, funds avallable overthe medlurn tem) are imiested in hlgh Interest deposlt accounts or bonds. Short-tem) funds are placed on the money markets or In interest bearlng accounts. An Autosweep facility 15 in place to maximise return on da1￿ funding requlrem?nts. Surplus fund5 availablq overthe long-term are invested in a balanced portfollo managed by professional Investment manage￿. DISCLOSURE OF INFORMATION TO THE AUDITOR T.he dIreLt0￿ who were In offlce on the date of approval of thesefinanclal statements have confirmed. as faras they are aware. that there is no relevant audlt Infomiation of which the audltors are unaware. All of the dlrertors have confirmed that they have tsken all the steps that they ought to have taken as dIrectO￿ in orderto make themsefve5 aware of any relevant audit inforniation and to estab115h that It has been communicated to the auditor. Auditor A resolution to reappoint RSM as audrtor will be put to the members at the Annual General Meeting. io The Birmln8ham RepertoryTheatre Umtted TrUst￿,/D[reCtOts' Annual Report 2024 Statement of Trustee￿ID1rertQrS, Responslbllilles" The trustees are res￿nsIble for preparln8 the Annual Report and the financial statements In accordance with applicable law and reguLitions. Company law requires the direttors to prepare financial statements for each financlal year. Underthat law the dirertor5 have elected to prepa￿ the financial statements in accordance wlth United Kingdom Generally Accepted Accounting Practlce Iunlted Klngdom Accounting Standards and applkable lawl, Including Financial Reportin8 Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland".. The financial statements are required by law lo gNe a true and fairview of the state of affairs of the company and of the profrt or loss forthat period. In preparingthose flnandal statementS,the directors are required lo.. . selett suitable accounlin8 policies and then apply them consistently; make judgements and estlmates that are reasonable and prudent: state whether applicable UK Accourktw Standards have been followed. subject to anv material departures dlsck)sed and explained in the financlal statements,. prepare the accounts on the goin8 t£)neern basts unless it is inapproprlate to presume that the company will tontinue in business. The trusteesldlrectors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financlal statements comp￿WIth the requirements of the Companies Act 2006. They s￿ also responsible for safeguordlng the assets of the companyand hence for taking reasonable steps for the preventlon and detection of fraud and other Irregularities. Byorde of the Board Andy Street Chalr of the Board of Tnjstee Date: 9, December li The Birmln8ham RepwtoryTheatre ￿MIted Trustees'lDlrectots' Annu81 Report 2024 INDEPENDEpif AUDITOIYS REPORT TO THE MEMBERS OF THE BIRMINGHAM REPERTORY THEATRE UMIT£D Opinlon We have audited the finanaal statements of The Blrmingham RepertoryTheatre Limlted (the 'parent charitable companrfl and its subsidiaries (the .'group'l for the year ended 31 March 2024 whlch comprise the Consolidated Statement of Finanaal Artwities, the CDnsolldated and Company Balance Sheets, the Consolldated Statement of Cash Flows and notes to the financlal statements, includlng signlfic4nt accounting policies. The financlal reporting framework that has been applled In thelr preparation is applicable law. and un￿ed ￿ingdOM Actounting Standards, including FRS 102 Yhe Flnancial Rerrt)rting Standard applicable in the UK and Republ￿ of Ireland" Iunlted Kingdom General Accepted Attounting Practkel. In our oplnion the finanelal StatemeT￿. Bive a true and fairview of the state of the group's andthe parent charltable coMpan￿S affairs "as at 31 March 2024 and of the group's incoming resources and application of resources, Including its InGome and expendtture, forthe year then ended: have been properly prepared in accordan￿ wlth Unlted Kingdom Generally Accepted Accountlng Practice: and have.been prepared in accordance with the requlrernents of the Companies Act 2006. Basls for oplnlon We conducted our audlt In accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our respon5iblllties under those standards a￿ further described in the Auditorfs responsibilities for the audit of the flnanual statements SeCt￿)n of our report. We are independent of the group Bnd paretit charttable company in accordance wtth the ethlcal requirements that are relevant to our audlt of the financlal statemenls in the UK including the FRCS Ethical Standard and we have fulfilled our other ethical responslbllit￿S In accordance with these requirements. We belleve that the audit evldence we have obtained Is sufficlent and apprOpr￿e to provide a basis for our opinion. Concluslons relatlng to 8oln8 ¢(xic&n In auditing the financial statements. we have concluded that the trustees, use of the golng concern basls of accounllng in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identIf￿1 any rnaterial uncertainties relating to events or conditions that, intllvidually or colleLtNely, may cast signffi¢ant doubt on the 8roup's or parent charitable companws ability to continue as a going con￿rn for a period of at least twelve months from when the financial statements are authorised for issue. Our reswnsibllltie5 and the responslb1lit￿S of thetrusteeswith re5pettto goingconcem are described in the relevant seciions of this re￿rt. Other Information The other Information comprises the information Induded in the Annual Report other than ihe financlal statement5 and our auditorfs report thereon. The trustee5 are responslble for the other Information contained within the Annual Report. Our oplnion on the financial statements does not overthe other inforn)atlon and. except to the extent otherwise explicitty stated in our report, we do not express any form of assurance conclusion thereon. 12 Tho Birmingham Repertory Theatre Umlted Trustees'/Dlrectorg Annual Report2024 Our resw)nslbllity is to read the other infomiation and, In dolng so. conS￿er whether the other InfomiatSon Is materially Incon$￿tent wilh the finanual statements or our knowledge obtalned in the course of the audit or otherwise appears to be materially mi55tated. IF we identify such matertal Inconsistencies or apparent material mi55tatements. we a￿ required to determine whether thls glves rise to a materlal mlsstatement in the financial statementsthemselvès. If, based on ihe work we have perfomied, we conclude that there is a material misstatement of thts other information, we are requlred to re￿rt that fact. We have nothing to report in thls regard. Oplnlons on other matters prescrlbed bythe Companles Act 2C¥)6 In our oplnlon. based on the work undertaken In the course of the audit: the information given in the Trustees. Repjrt. which includes the Directors, Report and the Strateglc Report prepared for the purposes of company law, for the financial year for whlch Ihe flnancial statements are prepa￿d is consistent with the financial statements- and the Dirertor5' Report and the Strategic Report Included within theTrustees' Report have been prepared in accordance with applicable legal requlrements. Matters on whith we are requlred to reP￿t by exceptlon In the Ilght of the knowledge and understanding of the group and the parent charitable company gnd their envi￿nment obtsined in the course of the audit. we have not identified material mi55tatements in the Director5. Report or the Strategic Report Induded within the Trustees, Report. We have nothing to report in respecl of thelollowing matters wherethe thmpanre5 Act 2006 requlres us to report to you if, in our opinion: adequate accounting records have not been kept bythe parentcharitablecompany, or retums adequate for our audlt have not been receNed from branches not vlstted by us: or the parent charwtable company financial statements are not in agreement wlth the accountlng records and returns; or certain disclosures of trustees, remunerdtion SFeufied by law are not made,. or we have not receNed all the infonnat￿n and explanations we rèquire for our audit. Respon51bllhles ol trustees As explained morefully in the Staternent of Trustees. responsibllltles set out on page 11, the trijstees (who a￿ also the directors of the charrEable company for the purp)ses of company lawl are responsible forthe preparatlon of thefinancial statements and for belng satisfied thattheygive a true and falr view, and for Such internal control as the trustees determine ￿ ne￿SSary to enable the preparation of finanaal statements that are free from material mi4statement. whether due to fraud or error. In preparlngthe financial statements, thetrnstees are re5ponsibleforasse5511)gthe group's and parent tharitable companrfs abilty to continue as a going concem, disclosin& as applicable, matters related to going concern and uslng the going concern basis of accounting unless the trustees either Intend to liquidate the group or parent charitsble company or to cease operatlons. or have no realistic alternative but to do so. The Blrmlngham RepertoryThearre Llmlted Trustees'lDireetors' Annual Rewt 2024 Audltorf$ responslbilltie$ for the audh ofthe financial ststements Our objectlves are to obtaln reasonable assuran￿ a￿ut whether theflnanclal statements as a whole ,a￿ free from materlal misstatement, whether due to fraud or error, and to Issue an audltorfs report that Includes our oplnion. Reasonable assuran￿ ￿ a high level Df assurance but is not a guarantee that an audlt condurted in accordance with ISAS IUKI will ahvays detect a material mlsstalementwhen It exists. Mlsstatements can arlsè from fraud or emr and are considered material If. indlvidually or in the aggregate, they eould rea50nabty be expected to influence the economic deci4ion5 of users taken on the basis of these financlal statements. The extent to which ihe audit was consklered ￿pable of detertlng Irregularltles, Indudlng fraud Irreguiarlties are instances of non-compliance with laws and regulations. The oblertNe5 of our audlt are to obtaln sufficlent approprlale audlt evidence regardin8 compliance with laws and regulations that have a direct effect on the deteminatlon of material amounts and dlsclosure5 in the financlal statements. to perforni audtt proceduresto.help IdeDtfy InStsn￿ of non￿omplI8￿ce with other laws and regulation5 that may have a materlal effett on the financial statement5, and to respond appropri*ety to identrfled or suspected non-complian￿ with laws and re£ulatlons identtfied during the audit. In relation to fraud. the oblertives of our audit are to Klentify and assess the rlsk of materlal misstatement of the financial statements dueto fraud, to obtaln sufficlent appropriate oudlt evidence regarding the asse55ed rlsks of matertal m￿tateMent due to fraud through designing and implementing appropriate responses and to resporKI appropriatety to frdud or suspected fraud Identifled during the audlt. However, it Is the prfmary reswnsibility of management. with the oversight of those charged with governance, to ensure that the entity's operat￿n5 are condurted in accordance wlth the provlsions of laws and regulations and for the preventlon and detection of fraud. In Identifying and assessing risks of materlal misstatement in respeci of irregularitle& includingfraud. the group audlr enga8ement team: Dbtalned an understsndlng of the nature of the sector. Includlng the legal and regulatory framework that thè group and parent tharitable company operates In and how the group and parent charitable company are complying with the legal and regulatory framework; inquired of management. and those charged wfth governance, abouttheir own IdentiFication and assessment of the risks of Irre8ularities. includlng any known actual, suspected or alleged Instances of fraud,. discussed matters about non•compl1an￿ with laws and regulations and how fraud might occur, including assessment of how and where the financial statements may be susceptlble to frau¢ As a result of these procedureswe considerthe most slgnrficant laws and regulations that have a direct impact on the financlal statemefits are FRS 102, c￿ritIeS SORP IFRS 1021, Companles Act 2006, Charities Act 2011, the parent charitable companrfs governlng document. tax leglslation and Charities (Protertion and Social Investment) Art 2016. We perfornied audit procedures to detect non- compliance5 which may have a material impact on the financial statements which included reviewing the financial statements indudlngtheTrustees' Rewrt, remainingalertto new or unusual transacilons which may not be in accordance wlth the governing documents, inspectin8 correspondence with local tax authorltles and evaluating advice re￿1Ved from extemal advisors. 14 The Birmin8ham Repertory Theatre Limited Trustees'/Direttors' Annual Report 2024 The most significant law5 and regulations that have an indirect impart on the financial statements are those in relation to UK General Data Protection Regulation (UK GDPRI. We performed audit procedures to inquire of management and those charged with governance whether the group is in compliance with these laws and regulations and insperted correspondence with regulatory authorities. The group audit engagement team identified the risk of management overrlde of controls and completeness of cash sales recognition as the area5 where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments. evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of busines5, challenging judgments and estimates and sample testing of income transaction5 and reconciliations. A further descflption of our responsibilities forthe audit of the financial statement5 15 provided on the Financial Reporting Council's website at htt www.frc.or auditorsres This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken 50 that we might state to the charitable company's members those matters we are required to state to them in an auditorf5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work, for this report, or for the opinions we have formed. ANNA SPENCER-GRAY (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 103 Colmore Row Birmingham B3 3AG Date.. 19112124 15 Thè Blrmlngham RepertoryThe*re Limited Trustees'lDireetors' Annual Reporr 2024 Consolldated Statement of Flnancial Actlvities (incorporating the Income and expenditure account) for the year ended 31 March 2024 Totsl Lastyear nds Totsl Funds Fun Funds Fuhds 1024 2023 ID¢ome Dor￿10￿5 and143c￿5 OthertradlwactNitEs I￿orne 4rom Irwestm2nls ChaFltrN2 3CtiYities Yotal Irbcome 2203 29J7 2048 1907 3,674 9.955 9,955 60 14.278 Expend￿￿￿9 RHisir*funds Expendtkure ￿ thar((ablE acuvrties Totsl expend*yre 2525 12fiZ2 2,525 13,278 3.319 11,#61 14587 138 518 Galrsl(Ios5esl on in¥estmenE assets pktl•pmnd*urellhKomo IZ731 13551 1447) Trnrthtsbetween fvnds 1881 Net mo¥omertlrtfunds 13ZI 12731 I3￿} Fundb0lqntÉsbrou￿tf0￿0Tdrrtl￿￿112Q25 L117 1,127 yi 5.135 5,582 Fundbulonces wrrfed1on•V￿0l3I IAuth2024 £077 The statement of financlal activities Indudes all gains and losses recogni5ed In the year. All income and expenditure derive frorn continulng artivitles. ' Note 26 IIIu5trdtes prior year figures forthe various funds. The notes on pages 19 to 38 form part of these flnancial statements. 16 The Birmingham RepèrtoryTheatre Llmtted Trustees'/Directors' Annual Report 2024 Con501idated and Company Balance Sheets as at 31 March 2024 2024 Intanwble assets Tangi￿e assets Investments rotslflx¢dosxts 32 933 YA)5 829 3,238 933 4.171 3.376 829 4205 Cunent agsets stock5 & work In proÉress ebtors Cash 3t and in hand Totsl£*ff*Jttwets 33 4.927 1329 6.289 53 3.fJO 2.044 5.T27 21 4.313 478 4,812 41 3510 1.223 4,774 Credftors Arnouftts falliwdue wf(hinvr* ￿*r 15.7021 14.8261 15.7021 I4￿6} 14.3421 14.0051 14.3421 I4￿05) Nrf¢urr•nt assqts 587 470 769 Total assets Mabmes 5.lJS 4.641 4￿74 NetAssets 4780 5.135 4641 4.974 Capltaland RtsÈNe$ 17 1618 2.618 unrEStrl¢ted Shore Capital General fund De51gnatèdfurvJ Tot81 unresErfcEed funds IJ>BS U)77 1.117 L127 2244 946 956 1.127 2P83 16 2,Q23 T￿81 ¢h*th funds 47BO 5.135 46*1 4.974 Durlng the period the indlvidual company 8enerdted a deficit of £333k12023: £465kl. The financial statements on pages 16 to 38 were approved by the board of direetorsltrustees and auth for issue and are signed Andy slre Chair of the Board of Tnjstees Date: 9th De￿mber 2024 Registered tharity Number 22 Company Re¥stratlon Number c￿295910 17 The Birmlngham RepertoryTheatre Limited Tru5tees'/Direttors' Annual Report 2024 Consolldated Statement of Cash Flows for the year ended 31 March 2024 2023 RKoncYiJatlon of netmovem•ttknfvnd5toCath Iby*fTom op•¥th6 ath•lllp et lexpendTriWTel Adjw$twntsfor, DeprEcliUpn Netof tran8lbleTred a55et(ftsw)sa Inwe5rment incom (Gains)1105ses onlrhye5tm￿lts Ilncrea5el Indebtors Decrease Instock and¥￿rk In WOEres5 IT*rtase In crethtorg Netcash Iu$8d ln118therat￿ fromopEra*aLthit*s (3551 1447) 413 1501 1881 138 IL2971 11.6291 164 1,668 876 14811 CashFS)wstswnent C4$hflowsfromoperatirgaaMtrs . Cashflows frr*m inve5bD8aCtl¥f(ie5'. Purch45e of prowtyi plart a￿1 eqwryrt DIswsal af tnutor¥ehL¢le5 Net dlsposal olfrAed a55et IrwE5tmen Intere# retelwed Net<45h used In yoar 14811 224 12681 [3701 17151 14Jl Net Idecreasel In cash Irbthe Change In netful￿5 ari%n8frorn eashfiows IL 143 (7￿] Cash and cash eqUva￿Thts at I WI 2013 Change Inc4sh and cash ¢qu￿lents inthe perfod Cash and cash 4uh8lBt)Lsat31 fvlarth 2024 1187 tPlS1 I,W 1044 18 The Bimiingham RepertoryTheatre Umited Trustees'/Dirertors' Annual Report 2024 Notes to the financlal Statements for the Year Ended 31 March 2024 l Accounting Policies Ba515 of Accountln8 These financial ststements have been prepared in accordance with Accounting and Reporting by charitles: Statement of Recommended practi￿ applicable to charities preparing their accounts In accordance with the Financial Reportlllg Standard applK3ble in the UK and Republic of Ireland IFRS1021- (Charlties SORP IFR510211, the Financial Reporting Standard ipplicable in the UK and Republic of Ireland IFRS1021 and the Companles Act 2￿6. These flnanclal statements apply the exemption from the requirement to present a parent company statement of cash flows. The Financlal Statements are presented in pounds stedin& with figures being rounded to the nearest £.￿0, except where otherwlse Stated. Preparatiun otthe accounts on a golng con¢em basb The trustees are of the view that the immedlate future of the theatre forthe perlod to 31 March 2026 is secure, and that on this basi5 the charty is a going concern. The directors have adopted a goin8 concern basis in preparing these accounts after assessing the prinupèl risks the charlty faces. A severe but pL4uSIb￿ downside scenario has been modelled. That plauslble downslde modellin8 indicate5 that the tharity 5houkE have sufficient resour￿S to ensure is a going concern through to 31 March 2026. Publlc Benefit The Birmingham Repertory Theatre meets the definition of a public beneflt entity under FRS 102. Assets and Ilabllltles are initially recognised at historical cost or transaction value unless Otherwise ststed In the relevant a￿oUntIn8 policy notes. Produffllon Costs and Advan Anatysts by lrteome Type Total Totsl 2023 £CQD Art5Councll Er￿and Blrrnlnthm Clty CourKil perfor￿￿nCeS ProJects Memiershiw etr. Sponsorthlp and Donation5 rotsi 1068 158 78 158 245 365 In 177 169 Izn Unr45trkted Tptsl Totsl zo £0 OlhertradlrKðffttes BirrTun8lam REP EnEerprises Ltd Unl(we Venues Birmir*ham Ltd Totsl S75 IZ32 $56 3,018 3,674 .2212 19)7 . 3 In¢omefrom Investments Vnrestrf¢ted General De*nated Restrkted 2024 Total 2024 £0 Total 2023 £0 Bank interest recewed Diwdends and catmtal received Total.Investmenl Income 33 17 17 so 77 80 24 The 8lrmln8ham RepertoryTheatre Limlted Trustee5'/Directors' Annual Report 2024 4 In¢omefrom charftable acllvltles General Des*nated Restrtcted 2024 Totsl 2024 £000 Totsl 2023 £(fjD Blrmln8ham Production5 Tourin£ Production5 Other Box Office Lèarnlng and Participation Other Total tncome frorn chaAiableaclMUes' 8,102 8.102 250 6,151 163 118 223 1,272 217 1,235 1,272 9.955 otheri￿Orne i￿ludeS Theatre Tax Relief of £1,183k12023- £1,IlJ)kk 5 Expend*ur• C*grt Costs SupportC05ts Tot4lC05ts Total Costs Z4 24 Total Total 20Z3 £ODD Costsof CharltabhAdfvllles Perfom*nces ProFrt5 ToudnE Costs Capital prolect Ltarriwand Partlcipatlon Research Devek>Fx5*rt Depre¢lath)n Govérnance futsl CostsofCh**ableAciMUel 6958 11212 11212 25D 307 9393 25D 103 307 229 496 428 496 418 297 433 599 179 179 12.760 179 13.278 11.168 ExpendfjiureoTr RoL%lng Fyffjd$ FurdraL8ln8exwnses Tradingexpen5e5 92 3.227 3,319 2048 l525 525 1525 Totsl 4A51 285 518 15.8WS 14,587 6 Anitys150f Swport¢•sis Total Franiol tknynry Suppprt UnrEthted Costs Servke5 SuppDrtCo5ts Z4 Totsl 2D2J (WJ Perf0m3￿e$ Tourt￿cOStS Le3mlwand PartSclwtk)n Aesearthand Developrnent G)vemance Totol unrestrtrted suppurt¢o 919 38 62 93 4,254 103 3*88 io 246 ia7 33 131 sa 126 179 4354 25 ThÈ Birmlnsham RepertoryTheatre ￿rnited Trustees'/Directors' Annual Report 2024 Productlon comprises the salarles, maintenance and overhead costs of the production department. Promotion compri5e5 publicitylmarketlng costs and salaries and travel. Executive comprlses the executiv& team salaries and costs. Front of House comprlses theatre management and box office salarles and box office ITcosts. Occupanry comprises rent, rdtes, insuran￿. utllities, repairs, cleanin 5ecurttyJ telephone, stationery and postage. Supwrt SeNices comprises finance salaries and overheads, general IT costs, legal and profe55ional Ltsts and staff tralnlng and recruitment. The followlng bases of allocation are used: Produttlon Promotion Executive Front of House occupancy Support SeNlces Dlrect produrtion costs Box Office income Unrestritted dirert costs Box Office incorne Unrestricted direct costs Unrestricted direct costs Durlng the year bein8 presented. the dedslon was made to redasslfy various costs incurred wlthin support costs and pr￿ent them wlthin the governance costs of the Charity. Thls is done so on the basls that these costs now more accurately reflett those being incurred in the governance of the Charlty. These include, but are not limtted to. costs such as audit of thè flnanclal statements, legal and profe￿lOnal fees and the costs attrilwtable to the work of staff wlthln the finan￿ department. Prlor vear governance cust has not been amended to reflect thls change as it is not deemed material to the firbancial statements and thè under5tsndin8 of the users thereof. 7 Net expenditure forthe year 2024 £000 2023 £0 Net eXpendI￿re ts stated after charglng: DepreciatiOT) of tsngible fixed assets Auditor's remunèration- audlt semces Auditor's remuneratlon- tKJn-audit 5erwces Operat1￿ lease expendttu 413 409 36 li 75 16 75 Staff trusteegldIrert￿ remuneration None of the company director5 received any ￿MUneratIon frorn the company durlng the Vear and expense5 of £2￿12023. £2941 were reimbursed to two Board members for travel and subsistence. The company paid Directors an(1 Offlcers liablltty insurance of £8.14312023: £7.2711. 26 The Blmilngham RepertDry The*re Umited Trustee5'/Directors' Annual Report 2024 8 Employees 2024 2023 The average number of persons employed by tt group during the ￿£r was: .A¢tors and 5tBge managers Other staff 37 163 46 171 217 The average number of full time equNalerts Artors and Stage managets Other stsff 39 iii 15D 121 155 stsff costs for the above persons: Gross Salaries Emploverfs Natlonal Insurance Pension Contributlons £000 5,683 343 119 6,145 £1￿0 4,698 313 96 5,107 The number of employees Includes staff on casual contracts whose hours worked varles over the year. BIrmir￿haM Repertory Theatre Limited is a National Living Wage employer. The number of em￿oYeeS whose emoluments (excluding pension contributions, employers social security costs but I￿ludirE benefits in kindl fell w6thin the following bands: 2024 2023 £60,tx)I to £70,000 £70,LKII to £80,000 £80,tx)I to £90,000 £90,CY)I to £lOO.000 The employer pension Contributio￿ for the above was £9k12023.' £9kl. Tho directors consider that they Senior Leadership Team comprises: Chief Executive, Artistic D1￿Ctor, Director of People, Finance Director, Director of Productions, Dirertor of Faciirties and Operatiorns, Associate Director. Director of Creative Learnin& Joint Dlrector of Audiences 2nd Executive producer. The total employee benefits of these were £700k including those joining part way throLoh and leaving during the ye3r12023.. £685kl. One employee was made redundant during the year 12023= Two) recelvlng statutory redund3ncy payments of £Ok in totsl12023: £6kl. 27 The Blrmlngham Repertory Theatre Llmlted Tru5teeg/Oirectors' Annual Report 2D24 9 Intsnglble Flxed Assets Total At IApril 2023 At 31 Mwch 2024 230 Accumulated amortlsatlon At l April 2023 At 31 Marth 2024 Net bookvalue At 31 Marth 2024 At l April 2023 10 T•nElble Flxed Asstts Motor Equknent Equwent iftFAstMctufe comp￿er$ Vehkks £oJo Group Total £0 At l Awl 2023 Athitiors Dlswsals Al 31 Ma￿h 2024 1143 8315 623 14,157 76 205 29 14.425 A￿￿￿￿￿ted deweclathn At IAprf 2D2 CharEeforthe year DIsw5a15 Atjl March 2024 930. 558 82ao 35 618 10,752 413 273 627 11.165 Netbook ¥alue At31 Marth 2024 At l April 2023 235 1647 3260 3A05 213 243 15 The Birmingham RepertoryTheatre ￿Mited Trustees'/tNrectors' Annual Report 2024 10 Tan¥11￿e FIMd As%*ts l¢ont) ThÈ*tr* Motor Equlpment ￿lld1￿ EqulpThnt Infrastr￿Te compute￿ Vehldes Toknl At IAprfl 2023 L143 252 3J5 567 14,071 Additions Atai 3)24 205 432B 14,339 mulated depredatlon At IAprs12023 Char8È forthe year At31 Marth 2024 930 552 273 Netbookvalue At31 Marth2024 At IAprll 2023 l6 175. 37 213 11 Flxed asset investments 2024 Valuation Marketvaluè at 31 March 2022 Additions Dlsposals Galns Dlvldend Income Capital Income Markd value at 31 March 2023 829 830 18301 (1381 21 {ii 933 12 Stocks ènd work In pm8ress Gmup 2024 Company 2024 £000 21 2023 £000 17 £orK) 17 12 24 5a Raw materials Goods for resale Work in progress 21 12 24 41 3a 29 The Blmilngham BepertoryTheatre Llrnited Tr￿Stees,1DlreCtOrg Annual Report 2024 13 Debtors Gmup 20Z4 Company 2024 £000 2023 2023 Trade debtors Other debtors Amounts due from subsidiary undertaknn Cost of productions not yet opened Prepawments and acCr￿d income 549 532 338 4DS 527 2,811 356 214 4,313 191 52 2,421 283 563 356 3A90 4927 283 2,921 3,630 14 Credftor& amountsfallln8 due wlthkn one year Compuny ' 2023 £OOD 2024 Trade Cwdhors Accrua5s DeferTed Income Other Creditors Ot￿rTaxatiOn and Social Security 1326 2,If4) 1.995 217 860 2341 1.154 338 133 746 1.928 1.470 . 194 742 1,917 901 312 133 4J42 .4,005 5,702 Deferred Income Brought forward I Wil 2023 Deferred duringthe year Releas¢d duringthe year CarrlÈd forward 31 March 2024 L154 8,748 ri307} Included wtthin deferred Income are a¢fvance ttcket incorne of £845k12023.. £801kl. co-productK)n Income of £625k12023: £10(Acl and event dew5its of £498k12023- £188kl. 15 Share capital Number 2024and of Shares 2023 Authorised: Ordinary shares of £1 eath iIM] Allotted. Issued and fully paid: Ordinary shares of £1 each 30 The Blmiln8ham RepertoryThÈatre LtmÈted Trustees'/Dirertors' Annual Report 2024 Subsidiory Undertakln9S .The company holds l(K) £1 ordinary shares at a hlstorfc cost of £100 In both Blrmlngham REP Enterpri5e5 Limlted and Unlque Venues Bimiingham ￿rnited. Thls represents the entire allocated share capital in these companies. Any proflts from these companies are gifted annually to The Birmlngham Repertory Theatre Limited. Both companies are incorpordted in England and Wales. Investments in group undertaklngs are stated at cost. Other Investment funds are stated at market value at the Balance Sheet date. The Statement of Financial ALtivities includes the net galn or loss during the financial year. The investment portfollo split broadty equally betrieen chaiity4pecrflc funds managed by CCL4 and Cazenove. The Articles of Association prevent any divldends being pakl on the Share capitsl of the company. Furthermore. the members are not entitled to any distributlon on a dissolutlon or wlnding up of the company. 16 Desl8nated Fund The De￿gnated Fund of £1,077k represents the balance of the net book value of unrestrirted fixed assets at the year end and a rlsk reserve of £49k. Funds at Incomkng. Outyolng Transfers Fund5 at Z023 Re¥ouffes Resources betwe•n 2024 funds Deslgnated tan8lblé frAed assets net bookwalue Risk reserve Totsl designated reserve5 11381 2GI 11731 88 1,028 49 1,077 222 1,127 31 The Blrmln8ham RepÈrtoryTheatre timited Trustee5'lDlrectors' Annual Report 2024 17 Re5trtrted Reseples Fund5 at Incomkng CWoln8 2023 Resourre5 RBsourcB5 fvndsat 2024 £ODO Grants of a Capltal Nature Open House cawèl project Total Capital Grants 15C 12681 12681 2,232 2,232 Grants of a Revenue Nature Arts Councll England- BME Theatre Project Arts Counul England- Internatlonal work On the Edge Weekender The Big Lottery- Shlftln8 The Dial . E5mee Fairbum Joyce Fadey RAMPS HSBC /The 29th May 1961 Tnst labbs Trust EadyYear5 V Wood Community Tour Other Total Revenue Grants 37 37 1571 1671 {131 iii 1251 141 13 98 143 32 22 30 1181 1651 391 245 12501 386 Ttstal Restrfcted Fund5 15181 1618 Grants of a Capital Nature The Open House capltal project is the front of house re-deyelotmnentcompleted in March 2022. Grants of a Revenue Nature The grant awarded from the Slr Barry Jack50n Trust represents a contribution towar¢ls the cost of the productlon of Little Red Rsding Hood and community touring during 2023124. The Rep has joined forces with a group of partners to deliver a ground-breaking project to promote positive mental health among young Afrlcan Trribbean men. The three-year project, called Shtftlng the Dial, uses cultural activities to encourage young black men to discuss and explore mental heamh issues and .build resilience through promoting wellbpin& improvln8 self*steem and encouraglng personal developtnent. Funded by the National Lottery Communlty Fund, Shifting the Dial brings together the skills and experience of The Rep. community engagement organisation Flrst Class Legacy, the charlty Centre for Mental Health. and Birn)ingham and Sollhull Menlal Health NHS Foundation Trust. Esmee Fairburn have commltted to support a new Foundry new artists development prolect which commenced in autumn 2022. 32 The Blrmlngham Repertory Theatre Llmlted Trusteeg/Dirert¢*rs' Annual Report 2024 Joyce Farley Bursary Fund from the Joyce Far￿ EduLZtional Trust was re￿IVed in March 2023 is to further our commltment to worf(ing with primary schools in Small Heath and East Birniingham. Ramps on the Moon cornprised a wn50rtium of theatres produclng a progrdmme of work wlth a specffic focus on developlng Deaf and disabled artists. HSBCnhe 29 May 1961 Trust- Grants reteived for the creation of a Creative Learnlng Hub. The Victoria Wood pla￿ritIng Proe for Comedy is a biannual come(ty playwritln8 competltlon open to UK residents. Horton's funding Is supportlngthree Eadyyears settings across the academlc yearbased on tradltlonal tales u51n& muslc* prop5 and interattNe storytelling. JABBS funding enables a year-lon& free to access Young Rep Backstsgecourse deslgned to Introduce and train young people in backstage roles in the theatre. 18 Analysls of net assets.by fund Unrestrirted General De*nated Restricted Funds Fund5 Funds Total 2024 Tangible Flxed Assets Fixed Asset Investments Current Assets Total Liabilities L028 1232 3,260 933 6,289 15,7021 4.780 933 49 15,7021 L077 618 19 Analysis of cash and cash equivalents Cash at bankand in hand 1,329 329 1(Wl zo ultimate rthtrollin8 party The ultimate controlling party of the charity is the Sir Barry Jackson TrusL a d)arrty registered wlth the Charity Commission for England and Wales {Re& No. 211619). 33 The Blrmlngh'am Repertory Theatre Umlted TfUStees'/Director5' Annu31 Report 2024 21 Tradln8 actfvltTes ol Sub4dlary Undertakkngs 2024 2023 £000 A5ummary of Birmlngham REP Enterprlses Llmttedtradlrg results are shown below. Auditeil accounts are flled wlth the Retsrar of Companies. Profft and L05$ Account TurrK)ver Cost of sales Gr055 profit/llossl 7.863 7,848 19.4371 P,8241 11.5741 24 Other income Administratlon {741 1721 Operating loss before taxation 11,6481 1481 Tax credlt on loss I￿07 Operatlng profftlllos51 159 1481 Balance Sheet Retsined ￿￿ofIt brought foThvard 1531 151 Retained proflt forthe year 159 148) Share capital Shareholdets Funds {531 Flxed assets 20 24 Stock and wod( in progress Debtors Cash at bank 3.258 74 3.340 2,372 67 Credltors 13.2541 12,5231 Net assets/(Ilabilitiesl 106 153) Theatre Tax Rellef income of £IA07k is shown wltlNn tsxatK)n to accuratFy ￿flert the substance of the income. Tumoverfor 2023 includes Theatre Tax Rellef Income of £IA57L 34 The Blmilngham RepertDry Theatre ￿rnited Trusteeg'/Dlrectorg Annual Report 21r24 21 Tradlng actr4ltle5 of Suh51dlary Undertakkng5 (cont) 2024 2023 A summary of Unique Venue5 8irniin8ham Limited tradlrE results are shown below. Audited accounts are filed with the RÈgistrar of Companlès. Proflt and Loss Account Tumover Cost of sales Gr055 profrt 2232 3,018 11,6031 {2,3281 629 690 Other IrKome Admlnistration 13291 11951 operat[￿ proflt 495 Balance Sheet Retair*d profft brO￿forWard 193 157 Glft Atd Retalned profft forthe year 14631 14591 495 Share capltal Sharehoklers FUr￿S 193 Fixed a55ets Stock Debtors Cash at bank 492 777 1,273 203 754 962 Creditors {1,2451 17741 50 195 35 The Blrmingham RepertoryThe3trÈ Umlted Trustees'/Dlrectors' Annual Report 2024 22 Relatsd Party Transactions Councillor Jayne Francis is a member of Blrmlngham CFty Council. The company receNes a grant from Blrmingham Clty Councll as shown In note 2 and pays Blmilngham Cty Council rent and unifomi business rate5 and has other transactlons Including recharges between the two entltles for service5 and utllities withln the buildin8 It shares with the Llbrary of Blmiingham. The lease between Blrmlngham City Councll and the charty for the building was signed In 2013. This lease sees the charity pay £55k per annum. St explres In 2112, being subject to rent review every ten years. During the year Sean Foley. Artistic Directo¢s Spouse. All￿ Power, perfornied work for the Rep on deslgn work forthe productlon of Withnail and l. The amounts paid to Foley and Power Ltd during the year were £6,25012023: £13,360) with a balance owlng as at 31 March 2024 of nll12023.' £3,750). Unique Venues Birmin8ham Limited is party to a commercial agrèement wlth Bimiingham Clty Councll and the Birmlngham Repertory Theatre Limtted to market and dellver conference and banquetlng services in space operated by the latter hvo partles. Under that agreemenl £224k12023: £418kl was payable to Binningham Ctty Council in the year by way of profrt share. The 8roup had the following inter-group tranSart￿n$ in the year. 2024 2023 £rM)o Profit dlstributlon from Unique Venues B1Mlr￿aM ￿Mited to Blrmlngham Repertory Theatre Limtted Commi551oning fee charged by Blmingh3m Rep Errteqjrises Limited to Blrmingham Repertory Thèatre Llmted 463 459 5,735 The group had the following inter-group balances at year-end: 24 2023 Birmlngham RepertoryTheatre Limited- debtor with Birmingham Rep Enterprises Llmlted Blrmlngham RepertoryTheatre Limited- {creditorl/debtor with Unique Venues Birmir¥ham Limtted . u￿lue Venue5 BirmlrBham Limited- debtor with Birmingham Rep Enterprises ￿Mited 3.123 2344 13121 77 1822 455 36 The 6irmlngham RepertoryTheatre Limited Trusteeg/Director5' Annual ReFK)rt 2024 23 Gua￿tee5 andOtherFlnandal Commllments The group had the followlngoperatlng lease commltments based on mlnlmum lease payments.. Within one year Withtn to flve year> In overflve years 227. 247 4.675 4922 4 24 Capltal Commltments Al 31 March 2024 a tommltment of Nll {2023: Nlll had been made In respect of capital expenthture. 25 Contln&¢nt Llabilitles The Arts Counol England holds. In perwuity. a floating charge of £5.5(K)k {2023: £5.5LXlkl over the assets of the theatre. 37 Ihe Birmingharri RepertoryTheatre ￿mited Trustees'/Dlrertor5' Annual Report 2024 26 Statemenl of FIAathctsl AthItIE5foryearwded31hlarth 2023 Gewal Oo5L4natéd Restricted Tutal nds Fund5 Fut)d$ nds 2D23 £0￿] InFom¢ torAEfvornBenemtedfvnds Donatbns and lègau othertradSnEact￿it￿s IncorE from Investments 2.197 3,674 3.614 80 7￿84 14,278 rgtal tnwm• 13.835 EHpendltUTe Raisin8 funds ExwnthrL're on charttsbk aCUvlt￿S Total expendkne 3319 10,676 13J95 3.319 11.268 14,587 472 472 6olns/lLosJesl on Losses on iDvesknent assets Its81 Netexpend￿re {291 144 Translevs bet4¥eenfwnds 13511 N2tmovemertknfuThd$ 14ni .1191 144n FundLk71unceJ b￿g￿tfo￿ordtrtI W12022 2.920 5,582 FundbUlonceseaThwfvr￿rdot3S MaYth2023 L117 1,127 1891 38